Stocks, bonds, and commodities all took it on the chin in Ben Bernanke's tapering talk, and if you go by the charts, more pain is on the way. The gold breakdown is almost too bad to believe.

If anyone ever had a doubt that the Fed, not the economy, is in control of the financial and commodity markets all they need to see is an intraday chart of the Standard & Poor's 500 on Wednesday. Immediately after Federal Reserve Chairman Ben Bernanke said he was considering reducing his bond-buying program, the markets began to flop around like a fish on the deck of a boat. And then 50 minutes later, the boat sank.

Thursday, the technical failure was palpable. From upside breakouts across the board Monday to sharp...